Shiba Inu (SHIB) is on shaky ground after a massive exchange hack earlier this week.
But can SHIB rebound, or is the token headed for further declines?
Meanwhile, newcomer Shiba Shootout (SHIBASHOOT) is performing well in its presale phase – leaving investors wondering if it could post bigger gains than SHIB this year.
SHIB Price Analysis – Bearish Technicals Hint At Further Downside
Shiba Inu is having a rough week.
The token’s price has fallen to $0.0000172, which is an 8% drop since yesterday – and a 14% drop since Monday.
If things continue this way, we’re looking at three red daily closes in a row.
That’s not a pretty sight for SHIB holders.
SHIB’s price chart isn’t pretty either, with the token rejecting the 50-day exponential moving average (EMA) earlier this week.
It was also unable to break through the key $0.000020 psychological barrier.
Both are classic bearish signals that have left holders worried about the future.
But here’s the interesting thing – SHIB’s spot volumes have actually shot up to $1.1 billion in the past day.
That’s a massive 200% increase from the previous day.
This could mean two things: either people are buying the dip, or there’s a lot of selling going on.
Given SHIB’s current price action, it’s looking more like the latter.
Will Shiba Inu Rebound After Price Slump?
Can SHIB bounce back from its current slump?
It’s tough to say right now.
The next key support level is around $0.000015, which means we could be in for another 12% drop if things don’t improve.
Also, the WazirX hack is still fresh news and will likely keep weighing on investor sentiment.
When $100 million worth of SHIB gets stolen, investors tend to be a bit jumpy.
This could push SHIB’s price down even further – at least in the short term.
To make matters worse, Shiba Inu’s team has been radio silent.
There have been no big announcements or exciting updates, meaning nothing to get investors hyped up again.
Considering all these factors, Shiba Inu is looking pretty bearish right now.
The only real hope is if the entire meme coin market decides to go on a bull run like we saw back in early March.
If that happens, SHIB could regain some lost ground.
But for now, SHIB holders may want to buckle up because the road ahead looks bumpy.
Can Newcomer Shiba Shootout Beat SHIB After Raising $700K in Presale?
While SHIB’s struggling, another meme coin is starting to gain ground.
Shiba Shootout, the Wild West-themed coin, has now raised $700,000 in its token presale event.
That’s some serious funding for a market newcomer.
So, why are people so excited about Shiba Shootout?
For starters, the team recently released a basic version of their highly-anticipated mobile game.
They plan to update it with Web3 features soon, letting players earn SHIBASHOOT tokens while playing.
Shiba Shootout’s ecosystem is also packed with other features like Cactus Staking (offering enormous APYs) and Lucky Lasso Lotteries.
It’s like the developers have taken everything people love about crypto and put a wild west spin on it.
Now, since SHIBASHOOT isn’t on the open market, it’s tough to say how it’ll stack up against SHIB in terms of price action.
But, unlike SHIB, Shiba Shootout has a list of appealing use cases.
This gives investors a clear reason to hold rather than sell.
And with Shiba Shootout already beginning to make its mark on Twitter, it’s likely to be a project that draws attention once it’s officially launched.
Overall, the signs look interesting for this new meme coin project.
With Shiba Inu struggling, there might just be an opportunity for Shiba Shootout to grab the spotlight in the second half of 2024.
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